by Market Overview:
Automotive Tire Pressure Monitoring Systems (TPMS) continuously monitor tire pressure in vehicles. It plays a crucial role in vehicle safety and avoiding road accidents caused due to under-inflated or improperly inflated tires. TPMS alerts the driver when one or more tires are under-inflated.
Market key trends:
One of the key trends in the automotive tire pressure monitoring system market is the increasing adoption of direct TPMS. Direct TPMS uses sensors mounted on each wheel to directly measure tire pressure and temperature. It provides more accurate pressure readings and early warning in case of pressure loss compared to indirect TPMS. Many luxury and premium vehicles nowadays offer direct TPMS as standard. Stringent safety regulations regarding TPMS adoption across major automotive markets is another factor augmenting the demand for tire pressure monitoring systems.
The automotive tire pressure monitoring system (TPMS) market is witnessing high demand driven by stringent government regulations regarding vehicle safety across various countries. The increasing adoption of direct TPMS which provides real-time tire pressure status is another key trend in the market. As direct TPMS utilizes in-tire/in-wheel sensors to directly measure the pressure and temperature inside each tire, it offers higher accuracy than indirect TPMS. Many automakers are focusing on enhancing the functionality of TPMS by adding features like individual tire recognition and instant low pressure alert.
The global Automotive Tire Pressure Monitoring System Market Size is estimated to be valued at US$ 7.17 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
Strength: TPMS enhances vehicle safety by monitoring tire pressure and temperature. It helps in preventing tire failure and accidents.
Weakness: High initial costs associated with direct TPMS sensors. Indirect TPMS has limitations in terms of accuracy.
Opportunity: Growing demand for luxury and high-end vehicles offers scope for premium and advanced TPMS. Regulations in new markets can boost adoption.
Threats: Economic slowdowns can impact the automobile manufacturing industry and lower the demand for TPMS. Technology changes may make existing systems obsolete.
Key Takeaways:
The global automotive tire pressure monitoring system market is expected to witness high growth, exhibiting CAGR of 13.% over the forecast period, due to stringent safety norms and increasing vehicle production globally.
Asia Pacific dominates the global market and is expected to continue its dominance, with China being the largest producer of automobiles worldwide. Europe and North America are also significant markets driven by regulations mandating TPMS.
Key players operating in the automotive tire pressure monitoring system are ZF Friedrichshafen AG, ATEQ, Continental AG, Bartec USA LLC, Sensata Technologie, Inc., Huf HÃ1⁄4lsbeck & FÃ1⁄4rst GmbH & Co. KG, AUTOMOTIVE TECHNOLOGY CO., LTD., Rivigo Services, Denso Corporation, DUNLOP TECH GmbH, Pacific Industrial Co., Ltd., Bendix Commercial Vehicles Systems LLC, NXP Semiconductors, NIRA Dynamics AB, WABCO, and Hampton Automotive Technology CO., LTD.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
